It has been brought to our attention that a scam loans company called Loan4Help has been committing fraud by claiming to offer or advance “loans” to borrowers whilst pretending to be a trading company of Finance and Credit Corporation Limited. It is not. Loan4Help has absolutely no connection to Finance and Credit Corporation Limited.

It has also come to our attention that a third party has been contacting borrowers on a fraudulent basis by purporting to be Finance and Credit Corporation Limited and claiming to offer or advance “loans” to borrowers. This third party has been contacting borrowers on an unsolicited basis via the following email address: . Please note that our company Finance and Credit Corporation Limited is in no way connected with the third party and does not use or operate that email address.

These operations have been cold calling and emailing members of the public, fraudulently pretending to be or to be connected with Finance and Credit Corporation Limited, asking for upfront fees from borrowers and advancing monies in relation to purported “loans”. They have also sent documents to borrowers which fraudulently claim to contain the signature of the Managing Director of our company.

These operations have also been using the following telephone numbers to contact consumers: 0203 129 2514 and 0238 106 0723. They may also have been operating from other telephone numbers and email addresses.

Please note that Finance and Credit Corporation Limited does not cold call, send unsolicited signed “loan agreements” or ask for upfront fees. We strongly suggest that you call our Managing Director Elio Astone on 020 7722 7547 in advance of proceeding with any “loan” or if you have any further questions.

If you are contacted by Loan4Help, or any of the companies which appear to be involved in these frauds, you should also report them to Action Fraud on 0300 123 2040.

Bridging LoansClear & Simple

Fincorp is one of the UK's most established and respected bridging loan companies. For more than 25 years the company has been providing 1st and 2nd charge bridging finance on residential properties in London and Southern England. Our bridging loans vary typically between £100,000 and £10 million, and we lend up to 70% value of the property secured on the property. And because you deal only with decision-makers, your bridging loan requirements are always dealt with quickly and with the minimum of fuss.

Why Fincorp for Bridging Loans?

We're a Principal Lender. Customers are able to get a decision quickly on their bridging loan without having to wait for authorisation from anyone else. And there's no back-tracking at a later date. So that means when we say yes to a loan, we mean it.

Our approach to business is summed up in two words, Clear and Simple. We believe that bridging lending is a straightforward business, all too often complicated by lenders with their lack of transparency and reliance on the small print. We work hard to make your dealings with us as clear and simple as possible.

Our Criteria

  • Principal Lender
  • 1st and 2nd Charges
  • London and South East
  • Residential properties
  • Bridging Loans from £100,000 - £10 million
  • Up to 70% LTV

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Latest News

Penalty fees: a cautionary tale

By Nigel Alexander, director, Fincorp

Picture this: bridging lenders across the market being forced to repay hundreds of borrowers millions of pounds they charged in penalty fees over the years.

It might sound farfetched but I think it’s a scenario we in the bridging industry should consider.

The fairness of charging penalty rates has been hotly debated in the bridging sector over the years. Some lenders, including us, charge a default rate designed to cover the administration and additional time we are forced to spend recovering the security in the event that the borrower defaults on the loan and having exhausted every other possibility of repayment.

We charge 1% a month for this default, but we also keep time sheets to justify the time we have to give to instructing and managing lawyers, bailiffs and all the other admin it takes to enforce a possession.

In our professional view there is nothing wrong with this. It is perfectly reasonable to put in place measures to cover our costs. But lenders should not be unjustly enriched by a borrower’s default.

And there are bridging lenders, including some of the bigger outfits, which we understand are charging penalty fees as much as double or even three times the contractual rate. The fact that headline rates are dropping means lenders are being forced to find ever more ingenious ways to make a big enough margin to keep delivering returns to their investors.

The exorbitant rates being charged look excessive to me. Even more so when you consider that there are lenders who will backdate those charges to the start of the loan, incurring an instant and considerable fee payable if a borrower goes over a six-month term by a day.

Unfair fees and charges have been increasingly in the news. In June, payday lender Wonga agreed with the Financial Conduct Authority that it would pay compensation of over £2.6m to around 45,000 customers for unfair and misleading debt collection practices.

Just weeks ago, it was revealed that 25,000 consumers have signed up to a Which? campaign to “stop sneaky fees and charges” after millions of people using unauthorised overdrafts complained the fees and charges were too high and unfair. That campaign calls for an end to fees across the financial sector that are “hidden, excessive or make the total cost difficult to understand and compare”.

Bridging lenders should take heed. Charging penalty rates that wipe out a borrower’s equity overnight could be seen as unfair and it’s exactly this kind of behaviour that is under a spotlight at the moment. All it would take is one borrower to take one lender to court or complain to the Financial Ombudsman Service or FCA formally, suggesting that penalty fees are unjustifiably too much. We could see the practice banned and, potentially, lenders being forced to pay redress or repay penalties charged in the past.

I don’t think that because bridging lenders deal with property professionals in the main is a get out of jail free card either. Buy-to-let lenders aren’t subject to the same regulation as residential lenders but they don’t go around charging these sorts of fees.

Given how widespread the practice is within the bridging sector, it’s not too big a leap to entertain the idea that this could escalate into a class action. The payment protection insurance mis-selling scandal has now stacked up redress costs to banks well in excess of £20 billion.

Perhaps the only reason customers who’ve been slammed with extortionate charges in our market in the past haven’t taken lenders to task is because they’re worried the legal costs would outweigh the cost of placing their loan somewhere else. But all it would take is one person to set that precedent.

Most bridging lenders are funded by wealthy private individuals or private equity funding lines; the capital available to them within their businesses is actually fairly limited. Recouping any monies from investors to pay redress to borrowers if a judge found in their favour is just unimaginable. The chaos that would ensue if penalty rates were ruled excessive would be severe.

A market with around a hundred bridging lenders, of which maybe 10 or 15 do the lion’s share of business, would overnight become a market of far fewer.

While this could sound like scaremongering for the sake of it I genuinely believe it is our responsibility in the bridging industry to stamp out questionable practices such as this. We have an opportunity to set a benchmark; let’s not leave it to the customer, the lawyers or the FCA to force us to do the right thing.